FirstBank has announced the successful integration of the Pan-African Payment and Settlement System, PAPSS into its flagship digital banking platform, the LIT App.
The integration marks a major milestone in Africa’s financial technology landscape, enabling instant, secure, and local currency-based cross-border payments across the continent, allowing customers to send and receive money conveniently within Africa without converting to major foreign currencies such as the US dollar, Euro, or Pound sterling.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates instant, low-cost payments between African countries in their local currencies.
Speaking on the innovation, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said the integration reflects the Bank’s long-standing commitment to pioneering digital solutions that simplify and enhance customer experiences.
“The integration of PAPSS into the LIT app is a testament to FirstBank’s commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions. This milestone aligns with the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa,” Ezirim stated.
Also commenting, Mike Ogbalu, CEO of PAPSS, highlighted the transformative impact of the partnership:
“Every time an individual, an SME or a company sends money instantly within Africa in their own currency, we are not just moving funds. we are connecting ambitions, supporting livelihoods, and bridging dreams across borders. This collaboration with FirstBank and their LIT App brings us a step closer to making African borders invisible to movement of money.”
The LIT App, one of FirstBank’s most dynamic digital banking products, offers a wide range of features including virtual cards, scheduled payments, and multiple transfers in one transaction. With PAPSS integration, the app now supports real-time intra-African payments, unlocking new opportunities for individuals and SMEs engaged in regional trade.
This advancement not only reduces transaction costs and improves settlement efficiency but also promotes financial inclusion, empowers small and medium-scale enterprises (SMEs), and supports the objectives of the AfCFTA in fostering a unified African market.